Encouraging Foreign-invested Companies to Improve Services and Make Greater Investments

The Gyeonggi Provincial Government plans to induce foreign investment with the central aim of creating more jobs. Provincial authorities are endeavoring to attract enterprises that promise enhanced job creation, and will improve the investment environment to draw increased investment from those foreign-invested companies that have already established operations in the province.

Gyeonggi governmental officials held a meeting with thirty participants including representatives of the Gyeonggi Association of Foreign Invested Companies and the of Korea Association of Mediation and Arbitration to discuss means by which to induce overseas investment for enhanced job creation, to improve the investment environment, and to promote labor-management cooperation. A government official said, “In the long run, jobs are created by companies,” citing the government’s plan “to attract investment from companies with the ability to create new jobs through the invitation of foreign-invested companies and provision of governmental support to such companies.”

The official added that, as additional investments by foreign-invested companies are greater than new investments and becoming increasingly greater, the reinforcement of the investment environment through on-the-spot research is required to induce and expand the companies’ additional investments.

The provincial government is also making efforts to prevent labor-management conflict by instituting a private mediation system for foreign-invested companies. Furthermore, the local government will open cyber foreign language courses to facilitate communication between foreign executives and employees, and extensively administer sexual harassment prevention education based on the Equal Employment Opportunity Law as a part of the policy to improve the investment environment for foreign companies.

Shin Nang-Hyun, director of Gyeonggi’s Investment Promotion Division, stated, “The Gyeonggi Provincial Government will make dedicated efforts to promote the joint prosperity of foreign companies and the province by creating more jobs through the improvement of the investment environment and by facilitating the local economy.”

(Unit: USD hundred million, %)